National Health Investors, Inc. (NHI) reported its financial results for the third quarter and the nine months ended September 30, 2025, revealing a total revenue of $89.8 million for the quarter, an increase of 8.3% from $82.9 million in the same period last year. For the nine-month period, revenues rose to $269.8 million, up 8.2% from $249.4 million in 2024. The company’s net income attributable to common stockholders for the third quarter was $32.8 million, or $0.69 per share, compared to $28.5 million, or $0.66 per share, in the prior year, reflecting a 15.1% increase in profitability.
The company experienced notable changes in its rental income, which decreased by 1.8% to $62.2 million in the third quarter, primarily due to the transfer of seven properties from its Real Estate Investments segment to the Senior Housing Operating Portfolio (SHOP) segment on August 1, 2025. This transition resulted in a $12.1 million write-off of straight-line rents receivable. However, resident fees and services surged by 53.8% to $21.2 million, driven by the operations of the transitioned properties. For the nine-month period, rental income increased by 5.3% to $201.3 million, bolstered by new tenant leases and operational improvements.
Strategically, NHI has been active in expanding its portfolio, completing several acquisitions during the nine months ended September 30, 2025. The company acquired a total of 10 properties, including a 108-unit senior living community in Colorado and a 120-unit assisted living facility in New Jersey, for a combined total of approximately $139.6 million. Additionally, NHI transitioned six properties into its SHOP segment, enhancing its operational footprint in the senior housing market. As of September 30, 2025, NHI's total assets stood at $2.69 billion, up from $2.61 billion at the end of 2024.
Operationally, NHI reported a total of 188 properties across its Real Estate Investments segment, with a gross carrying value of $2.5 billion. The SHOP segment included 22 senior housing communities with a combined total of 2,670 residential units. The company’s average occupancy rate for its SHOP properties was reported at 87.5% as of September 30, 2025. NHI's employee headcount increased to 1,200, reflecting its growth and expansion efforts.
Looking ahead, NHI remains focused on leveraging its strong financial position, with $600 million available under its revolving credit facility and $81.6 million in cash and cash equivalents. The company plans to continue its investment strategy in senior housing and medical facilities, aiming to enhance shareholder value through strategic acquisitions and operational efficiencies. NHI's management expressed confidence in its ability to navigate market conditions and capitalize on growth opportunities in the senior living sector.
About NATIONAL HEALTH INVESTORS INC
National Health Investors, Inc. is a real estate investment trust (REIT) focused on healthcare properties, including senior housing, assisted living, skilled nursing, and medical facilities. It primarily generates income from leasing, mortgage, and note receivables across its diversified portfolio in the U.S., leveraging sale-leaseback, joint ventures, and financing structures. The company’s core value lies in stable, need-driven healthcare real estate serving senior and medical markets.
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